This is a YouTube video titled "First Time HomeBuyers be aware of This! #homeloans #firsttimehomebuyer #mortgage #homebuyer" created in January 2024. The content is a monologue or presentation aimed at first-time home buyers, discussing current mortgage rate trends, market competition, and advice on timing for purchasing a home. There is a single speaker providing detailed information about the housing market and mortgage rates.
Are you a first time home buyer preparing to purchase your new home this year? If so, your time to buy is now. So rates are projected to drop this year and every 1% drop in interest rates unlocks 5 million more people across the country that out qualify for a whole loan. But it's not just the number of people getting back in the market, it's who's getting back into the market. So many people that will be entering the market as rates drop are people that bought or purchased their homes back in the 2020, 2021 low interest rate frenzy. They've been holding because they don't want to lose their 2 or 3% interest rate of their home and buy a 7 or 8% interest rate on a new home. But they will, many will as rate the difference and hover around 5% probably later this year. Now keep in mind, these people have six figures worth of equity in their homes. They could dump onto a down payment for a new home. They also could then waive their contingencies on appraisal and inspections, making their offer more attractive. So it would be tougher, tougher competition. So as mortgage rates and the weather begin to thaw this spring, that window for buying starts narrowing up. So your time to buy is now.
